失權株에 관한 法的 爭點의 檢討 - 최근의 判例를 소재로 하여 = A Study on the Directors' Duty Regarding the Unsubscribed Shares and Convertible Bonds

다국어 초록 (Multilingual Abstract)

When a corporation decides to issue new shares or convertible bond(hereinafter “new shares”) to the existing shareholders, pro rata for an amount less than real value of the stock, but some shareholders decide not to purchase(=subscribe) the new shares, what should do the directors regarding the unsubscribed shares to comply their duty of care and loyalty to that corporation?For example: the real(=fair) value of a share of X corp.=100 Won, the par value= 50 Won; X corporation issues 1,000 shares for 70 Won to the existing shareholders, but only 300 shares are purchased by the existing shareholders. In that case, do the directors have the discretion or power to issue the residual unpurchased shares(700 shares) for the same price(=70Won) to the non-shareholders(=outsiders)? Do the directors owe a duty to change the price of the issuance for those shares, or not to issue the unpurchased shares? If the unpurchased shares are offered to the non-existing shareholders for the same price, the existing shareholders face the risk of dilution of their shares.
This paper reviews several issues emerging regarding the unsubscribed shares. Korean Supreme Court(hereinafter “KSC”) rendered a decision in Samsung Everland Case that directors have the discretion whether they issue the unpurchased shares(=700shares) or not, to whom they could issue those shares, even for the same price, 70Won). In 2012, another KSC decision followed that theory. Part II reviews the reasoning of those cases. Directors owe a duty of care or loyalty to resettle the price of the unsubscribed shared, if the shares are purchased by non-existing shareholders.
In addition to, in Shinsegae Department Case, defendants-directors decided not to purchase the new shares, issued by the corporation's wholly owned subsidiary, and the shares were purchased by one of the defendants.
Shareholders have taken the position that the deal constitute (1) self-dealing transaction, (2) competition with the corporation, and (3) usurpation of business opportunities. In 2011Da57869 Case, KSC have not accepted their arguments, and rendered a decision that directors have not breached their duty of care and loyalty. In 2011 Cheil Industries Case(2011Na2372), Daegu High Court found differently. Part III reviews those findings.
Recently, the Korean Capital Market and Financial Industries Act has inserted the new provisions regarding the unsubscribed shares in listed corporation. According to it, the unsubscribed shares should be repurchased only condition that the price is fair. This paper suggests that the same rule could be applied for the non-listed corporation.

참고문헌 (Reference)

1 이철송, "회사법강의" 박영사 2013

2 홍복기, "회사법-사례와 이론" 박영사 2013

3 최준선, "회사법 제7판" 삼영사 2012

4 천경훈, "회사기회의 법리에 관한 연구" 서울대학교 대학원 2012

5 김홍기, "현행 주식가치평가의 법적 쟁점과 ‘공정한 가액’에 관한 연구" 한국상사법학회 30 (30): 159-205, 2011

6 한국상사법학회, "주식회사법대계 III" 한국상사법학회 2013

7 권기범, "제3판 현대회사법론" 삼영사 2010

8 최문희, "이사의 횡령행위, 부실공시, 주가하락으로 인한 손해에 대한 주주의 배상청구의 가부-상법 제401조의 손해의 개념을 중심으로" 14 (14):

9 정쾌영, "실권된 주식.전환사채의 제3자 배정에 관한 문제점" 한국상사판례학회 22 (22): 221-255, 2009

10 최기원, "신회사법론" 박영사 2009

11 정경영, "상법학강의" 박영사 2009

12 정동윤, "상법강의(상)(제15판)" 박영사 2012

13 정찬형, "상법강의(상)(제15판)" 박영사 2012

14 송옥렬, "상법강의" 홍문사 2013

15 송옥렬, "삼성 전환사채 저가발행과 배임죄의 성부" (36) : 2009

16 최문희, "기업집단에서의 회사기회유용" (19) : 2006

17 박준, "기업금융활성화와 신종증권에 관한 자본시장법의 개정" 한국상사판례학회 24 (24): 29-93, 2011

18 최문희, "경영자의 배임죄와 회사법상 이사의 의무-전환사채의 저가발행 판례를소재로 하여" 한국법학원 (112) : 2009

19 黑川裕正, "株式讓渡制限會社における失權株の處理のための株主總會の特別決議要部" (1257) : 1991

20 江頭憲治郞, "株式會社法" 有斐閣 2011

21 江頭憲治郎, "株主割當增資の失權株の處理" (1048) : 1994

22 判例硏究, "株主割當の失權株を慣例に從い, 從業員持株制度のために額面価で取得 した會社代表者と, 商法二八〇條の一一第一項および二六六條一項五號の責任" 69 (69): 1996

23 畠田公明, "株主割當の倍額增資の失權株式を會社代表者が慣例に從つて割當額と同 額で取得し, 同社の從業員に分配讓渡(從業員持株制度)したことにつき, 株主 から會社代表者に對する代表訴訟が棄却された事例" (1379) :

24 上柳克郞, "新版 註釋會社法(7)" 有斐閣 1985

25 前田雅弘, "失權株を額面金額で引き受けた代表取締役の責任" (1357) : 1994

26 神田秀樹, "会社法コンメンタール５ 株式(3)" 2013

27 Kraft, "Münchener Handbuch des Gesellschaftsrecht, In Band 4: Aktiengesellschaft" 1999

28 Sickinger, "Münchener Anwaltshandbuch Aktienrecht" 2010

29 Habersack, "Handbuch der Unternehmensfinanzierung" 2012

30 Hüffer, "Aktiengesetz" Verlag C. H. Beck 2004

31 Servatius in Spindler, "Aktiengesetz" 2010

32 김택주, "2012년 회사법 판례회고" 한국상사판례학회 26 (26): 403-431, 2013

33 김택주, "2009 회사법 판례상의 주요쟁점" 한국상사판례학회 23 (23): 401-473, 2010